Ohio has a statutory right of redemption, which allows a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs (the sale's price has no bearing on the redemption). There is a time limit to undertake such redemption which must occur before confirmation of the of the foreclosure sale by the county court.
I am licensed attorney in Ohio & Kentucky. Posting a response to your question or issue does not create an... more
I am licensed attorney in Ohio & Kentucky. Posting a response to your question or issue does not create an attorney-client relationship and I am not providing you legal advice. Every case is fact specific; therefore my response should not be construed as a legal opinion. You should speak with an attorney who is licensed in your state to whom you have provided all the facts, before you take steps that may impact your legal rights or right to recover damages. This communication does not create an attorney-client relationship with Joseph L. Beyke or Mills, Mills, Fiely & Lucas, LLC.
If the sale goes forward on May 2nd and there is a successful bidder (someone bids at least 2/3 of the appraisal price and puts up the appropriate down payment required) then the attorney who filed the foreclosure must prepare and circulate for approval a motion to "confirm the sale." Once the court order confirming the sale is time stamped by the clerk of courts, the redemption period is over. It begins after the sale and it ends with confirmation. As indicated by the other attorneys the owner has a right to "redeem" the property after the sale and all of the way up to the "confirmation" of the sale. Once the sale has been confirmed, you will usually be given a period of about 7 to 10 days to vacate the premises. If you fail to do so, then the sheriff will be ordered to come out and ask you to leave and if necessary force you to leave. The confirmation process usually takes any where from a few weeks to months depending upon of the lawyers for the parties see any potential problems with the sale and the confirmation. If some party with an interest, for example failed to get proper notice of the sale, then they could object to the confirmation and the process may to begin anew. I hope that answers your question. Good luck.
Redemption period is the time that you would have after the sale to "redeem" the property for the amount bid at the sale plus costs, after the sheriff sale has occurred. (Meaning you can get the property back for a period of time.) You don't have to be out until you are asked to be out after the sale by the successful bidder or served with an eviction. Sometimes this is immediately or months. Sometimes the successful bidder waits until the redemption period has expired before asking you to move.